Body physics and jiggling for iclone characters
This a highly simplified version of what can be done with a proper model.
The Blend file is below... (Vers 2.77)

Cage deforming is used here.  That uses the 'Mesh Deform' Modifier with a simple cube named as the cage.

The cage (cube) is deformed at it's rear vertices only and that deform's the model's rearmost vertices more than those further forward.  i.e. the more distant the model's vertices, the less the effect, hence the soft-body (wobbling) reaction.
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Warning - Cage rigging can act on vertices outside the cage so it would be advisable to create a vertice group, nominate ONLY those vertices to be affected.  That guarantees no gate crashers.
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The hook's motion was keyframed and those f-curves were further shaped in the Graph editor to emulate physics behavior.
If you're not inclined to keyframe manually, you may be able to bounce a ball and parent the hook to that, bake the hook's movements and loop the first cycle.